Charity organisation, The Smith Family has sold its Melbourne base in Collingwood for $8.8 million, to a local developer who is planning a multi-unit residential project.
CBRE’s Jamus Campbell, Josh Rutman and Mark Wizel brokered the sale of the 73-77 Wellington Street site which generated 125 enquiries from local and offshore groups, with 15 offers above $7 million.
It was the first time the 1,100 square meters site had been offered for sale in 16 years.
“The high level of enquiry and record land rate for Collingwood is attributed to an extreme shortage of quality well located development sites. We are currently receiving in excess of 10 new enquiries per day for development sites from onshore and offshore groups,” Mr Campbell said.
Mr Wizel attributed the strong buyer interest in the sale campaign to continued gentrification and growth of the Collingwood locality.
“While the lion’s share of Asian capital has been focused on the CBD in recent years, we are now seeing new groups and capital that is less risk adverse looking outside the CBD to the city fringe and well known suburban locations,” Mr Wizel said.
“In this instance the site was acquired by a local developer. However, over the next 12-18 months we are going to see the suburban landscape change with onshore groups increasingly competing with offshore capital for quality assets.”